作者:
SD Flåm，O Godal
关键词:
exchange economies ； price equilibrium ； stochastic approximation.
摘要:
Considered here is decentralized exchange of privately owned commodity bundles. Voluntary transactions take the form of repeated bilateral barters. Under broad and reasonable hypotheses the resulting process converges to comepetitive equilibrium. Price-taking behavior is not assumed. Prices emerge over time; they need neither be anticipated nor known at any interim stage.
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